Lince Yield Fund, FCR
Lince Capital's income-focused FCR lending to mature Portuguese SMEs, targeting ~5% annual yield. Subscription window appears closed.
Managed by Lince Capital · Av. Eng.º Duarte Pacheco, Torre 2, Piso 17, 1070-102 Lisbon, Portugal
Key facts
- Fund status
- Closed
- Redemption
- At end of term3
- NAV frequency
- Semi-annual3
- Performance fee
- 20%3
- Hurdle rate
- 5%3
- Subscription fee
- —
- Redemption fee
- —
- Fund size
- —
- Target size
- €20M2,3
- Inception
- Jan 1, 20253
- Fund term
- 6 years3,4
- Distribution
- Income-focused: aims to ensure regular distributions to participants, expected annually or semi-annually depending on portfolio cash generation1,3
- CMVM ID
- 22253
- ISIN
- PTYNCLFMS0003
- Legal structure
- Closed-end venture capital fund (FCR), registered for a fixed period and governed by the Asset Management Regime annexed to Law No. 27/2023 of 28 April, regulated by the CMVM1
- Domicile
- Portugal1
- Custodian
- Bison Bank3
- Auditor
- BDO3
For US investors
Accepts US investors- US investors accepted
- Accepts US investors3
- PFIC status
- PFIC with annual QEF reporting
- Annual QEF statements
- Yes3
- IRA / 401(k) route
- —
Aggregator signals conflict: movingto's data field says QEF reporting is available and flags the fund US-compliant, while its FAQ says US suitability and QEF reporting are unconfirmed. As a Portuguese FCR the fund is expected to be a PFIC; US investors must confirm QEF election support with Lince Capital and a US tax adviser.
Fees & costs
Estimate covers subscription and management fees only, on a constant balance. Performance fees, redemption fees and fund-level costs are excluded. Verify all fees in the fund's prospectus.
Performance
No audited performance data is publicly available for this fund yet. We only show returns we can trace to fund reporting — never marketing projections presented as track record.
Allocation
Geographic allocation per movingto; invests exclusively in Portuguese SMEs. Asset-level breakdown not published.
Team
- VP
Vasco Pereira Coutinho
CEO, Lince Capital
- RD
Rodrigo Duarte
Head of Private Equity, Lince Capital
Documents
Data transparency
Researched Jul 7, 2026 · every fact carries its source
Still researching
- Fund size
- Subscription fee
- Redemption fee
- IRA/401(k) eligibility
Sources
- 1Lince Yield Fund page — Lince Capital (manager), accessed Jul 7, 2026
- 2Lince Capital investment funds listing (Yield card: €20M, subscription end February 2026) — Lince Capital (manager), accessed Jul 7, 2026
- 3Movingto fund record (Supabase data) — movingto (aggregator), accessed Jul 7, 2026
- 4Nomad Gate fund profile ('subscription period has ended') — Nomad Gate (aggregator), accessed Jul 7, 2026
- 5Lince Capital team page — Lince Capital (manager), accessed Jul 7, 2026
Research summary
Compiled from the sources cited on this page — a factual summary, not a recommendation or rating.
Lince Yield Fund, FCR is Lince Capital's income-oriented vehicle: instead of the growth-equity risk of its sibling funds, it runs a private-credit playbook — secured loans, mezzanine and selective majority-equity positions in mature, cash-generative Portuguese SMEs — targeting a roughly 5% annual yield with regular distributions and capital preservation as the stated priorities. The structure is a CMVM-regulated closed-end FCR with a €20M subscription target, a 6-year base term (extendable to 8), semi-annual valuations and full illiquidity between subscription and maturity.
Availability is the immediate caveat: Nomad Gate reports the subscription period has ended, and the manager's own funds page shows a February 2026 subscription end date even while still labelling the fund 'active / under subscription'. We have staged the fund as closed — investors who want this strategy should confirm directly with Lince Capital whether any subscription capacity remains or a successor vintage is planned. Terms beyond the manager's strategy description (2% management, 20% carry over 5%, Bison Bank depositary, BDO auditor, CMVM 2225) come from aggregator data and are unverified; no prospectus or KID is published.
US-investor signals are contradictory even within movingto's own record ('QEF available' vs 'not confirmed'), so American investors should treat QEF availability as unverified.
Suited for
- ·Income-focused investors who prefer defensive, collateralised SME credit over equity upside (if capacity reopens)
- ·Golden Visa investors wanting lower-volatility exposure with regular distributions — subject to confirming the subscription window
- ·Investors comfortable with a 6–8 year closed-end lock-up in exchange for yield
Risk factors
- ·Subscription status is uncertain: aggregator says the window has ended; manager page shows a passed end date (February 2026)
- ·SME credit risk in a concentrated, single-country loan book; targeted 5% yield is not guaranteed
- ·No liquidity before maturity: no redemptions; secondary sales depend on finding a qualified buyer
- ·Key terms (fees, custodian, auditor, ISIN, CMVM ID) sourced only from aggregator data; no public prospectus or KID
- ·Contradictory US/QEF information within aggregator records
Listed for completeness, drawn from fund materials and public sources — not an assessment. How much weight any factor deserves depends on your own situation and risk appetite.
Frequently asked questions
Can I still subscribe to the Lince Yield Fund?
How does the fund generate its 5% target yield?
Is it eligible for the Portugal Golden Visa?
Tom Brooks
Founding Partner & CEO
Talk through Lince Yield Fund, FCR and how it fits your Golden Visa plan — independent guidance, no obligation.
Book a free consultationor email hello@rootsglobal.com
